Business
274 companies experienced marginal decline in Sep 2023 quarter earnings: report
‘Narrow contraction indicates gradual recovery’
Sep 2023 earnings saw a marginal decline for the fourth consecutive quarter, experiencing a 3.8%YoY drop to LKR 139.5Bn, while QoQ earnings improved by 50.8%QoQ, reflecting a recovery in most business segments. This was mentioned in a quarterly results review released by First Capital Research for July-September 2023.
The review pointed out that the decline, however, could be be primarily attributed to the following factors:
1. Capital Goods Sector (-49.1%YoY): Driven by high finance and interest expenses, which affected overall profitability.
2. Transportation Sector (-116.8%YoY): Witnessed a substantial decline in earnings, primarily caused by a steep drop in freight rates below pre-pandemic levels.
3. Materials (-53.1%YoY): Slow recovery in the manufacturing segment and lower demand caused headwinds to earnings.
“These sector-specific issues collectively contributed to the overall quarterly earnings decline,” it said.
“Conversely, the decline was mostly offset by notable positive contributors during the quarter as follows.” it said.
1. Diversified Financials sector (+179.4%YoY): driven by declining interest rate environment following the record high rates recorded last year same period.
2. Banking sector (+127.2%YoY): overall sector demonstrated signs of recovery amidst reduced impairment costs
3. Food & Staples Retailing sector (+45.7%YoY): Decline in inflation and improved consumer buying patterns contributed to the sector’s profitability
Business
“ViYASA” National Business Facilitation Centre (NBFC) to be opened tomorrow (22)
The National Business Facilitation Centre (NBFC), which is being established under the Presidential Secretariat with the aim of removing administrative and regulatory barriers that exist among government institutions in relation to investment and industry and expediting these processes, will be opened tomorrow (22).
The centre is being established on the President’s initiative with the aim of bringing about a positive transformation in the industrial sector. The centre will provide solutions to issues that arise in dealing with the government machinery when starting and operating a business, while also coordinating with the relevant government institutions to provide the necessary facilities.
The “ViYASA” National Business Facilitation Centre (NBFC) has been established at Building C-80, Hector Kobbekaduwa Mawatha, Colombo 07, and is headed by Senior Additional( Secretary to the President, Seevali Arukgoda.
The centre will be opened under the patronage of Minister of Labour and Deputy Minister of Finance and Planning Dr Anil Jayantha Fernando and Minister of Industry and Entrepreneurship Development Sunil Handunnetti, with the participation of Secretary to the President Dr Nandika Sanath Kumanayake.
The website https://nbfc.presidentsoffice.gov.lk is also scheduled to be officially launched on the occasion.
President’s Media Division)
Business
Charting a worker-centered AI future: Colombo hosts landmark ITF conference
By Sanath Nanayakkare
Artificial intelligence and automation present serious challenges for workers – such as job consequences seen in docks and rail systems – and emphasises that workers cannot simply stop technological progress. By gathering young trade unionists in Sri Lanka, the ITF aims to establish key principles for engaging with technology, ensuring workers have a strong voice at the bargaining table, and encouraging constructive social dialogue with corporations and governments.
These compelling words from ITF General Secretary Stephen Cotton underscored the urgent reality facing modern labor as rapid technological advancements sweep across global industries.
Confronting this shifting landscape head-on, the International Transport Workers’ Federation (ITF), in partnership with the National Union of Seafarers of Sri Lanka (NUSS), convened a ground-breaking conference on artificial intelligence in Colombo from September 15–17.
As the ITF’s first-ever AI-focused global conference and the first of its kind hosted in Sri Lanka, the landmark event marked a critical milestone in balancing technological innovation with worker-centered safeguards.
Representing over 16.6 million transport workers worldwide, the ITF designed the gathering to tackle the multifaceted impacts of AI on safety, operations, workforce development, and governance. Rather than resisting progress, the conference focused on proactive engagement, establishing guiding principles to protect workers’ rights and privacy both at sea and on land.
Key discussions centred on sharing best practices for upskilling and reskilling transport personnel, ensuring that human oversight remains central to AI-driven logistics, routing, and maintenance.
Reflecting on the historic nature of the event, Boa Athu, CEO of National Union of Seafarers Asia Pacific, noted that the conference represented a monumental moment as AI emerges as a permanent fixture of contemporary life.
Highlighting NUSS’s pride in hosting the event in Colombo, Athu emphasised that AI offers transformative potential when guided by strong social dialogue, equitable access to training, and robust governance safeguards.
Ultimately, the Colombo conference demonstrated that the future of transport must be shaped by those who keep the world moving. By uniting international labour leaders, affiliates, port operators, and regulators, the event laid a vital foundation for inclusive policy frameworks that champion fair labour standards, securing a powerful voice for workers in an automated tomorrow.
Business
Bridging the digital divide: Sri Lanka’s airport licence challenge
By Sanath Nanayakkare
As Sri Lanka experiences a surge in visitors from its largest tourist market, India, a modern administrative hurdle has emerged at Bandaranaike International Airport (BIA).
While nations like India and Pakistan have successfully transitioned to fully digital driving licences and cashless ecosystems, Sri Lanka’s Department of Motor Traffic counter still requires a physical card to issue temporary local permits, The Island Financial Review learns.
This mismatch creates significant friction for independent travelers who rely entirely on smartphones and cloud-stored credentials. Tourists turned away at the airport – and sometimes redirected to the Werahera office in vain – find themselves unable to legally rent and drive vehicles. Consequently, this policy gap harms local car rental operators, causes tourist frustration, and deprives the government of valuable permit revenue.
The situation highlights a distinct irony: Sri Lankan motorists easily travel abroad using International Driving Permits that are readily accepted in India and Pakistan, yet local infrastructure cannot reciprocate due to outdated verification systems.
Recognizing the problem, Department of Motor Traffic officials have noted that upgrades and new equipment are currently in the works to integrate foreign digital platforms.
For a nation aggressively pursuing a national digitalisation drive, rapidly modernising these transport protocols is essential to keeping pace with global travelers and unlocking the full potential of its tourism economy.
-
News5 days agoUS embassy won’t comment on IGP’s probe into joint drug raid
-
News4 days agoBid for Basil’s extradition nears final stage: Police
-
Features7 days agoThe emptying university: why are academics leaving?
-
News3 days agoShanakiyan urges urgent action over reported death sentence for Lankan in Saudi Arabia
-
Business5 days agoAll-new Bolero MaXX unveiled in Sri Lanka
-
Opinion7 days agoWho committed genocide and created mass graves in Sri Lanka?
-
News2 days agoNamal Rajapaksa Buddhist gambit fails, bail denied
-
Opinion5 days agoA journalist who wrote across the divide
